I've been watching gold futures these days and things look quite bullish. Yesterday they rose nearly 2% during the session, continuing the upward wave they've been on recently. What moved the market was the release of March PPI data in the U.S. — it increased 4% year-over-year, but surprisingly, it was well below what the market expected (4.6%). The monthly figure also came in lower at 0.5%, and the core PPI barely moved 0.1% month-over-month. Basically, the inflation numbers turned out to be calmer than many feared.

This took pressure off the markets in general. Goldman Sachs comments that although there are concerns about energy shocks, they don't believe 2022's runaway inflation will happen again. Additionally, they continue to bet that the Fed will cut rates in September and December. On the geopolitical side, Trump is talking about negotiations with Iran, and Israel-Lebanon talks are progressing. The market sees this as positive, which also favors gold futures.

What's interesting is that we have this combination: inflation data that eases anxiety, current rate cut expectations, and a diplomatic path in geopolitics. All of this paints a scenario where gold futures could maintain upward pressure in the short term. That said, geopolitics is volatile, so we need to stay alert to any shifts in negotiations. My advice: hold positions carefully, monitor these issues, and avoid overexposing yourself to volatility that could come if things change quickly.